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Home My WebLink AboutRESOLUTION - 67-88 - 10/25/1988 - LOC/DEED OF CONVEY/BILL OF SALE RESOLUTION NO. 67-88 A RESOLUTION RELEASING AN IRREVOCABLE LETTER OF CREDIT NO. 191- 802659 ACCEPTED BY RES. NO. 20-88 (IN THE AMOUNT OF $110,000.00) AND ACCEPTING A DEED OF CONVEYANCE/BILL OF SALE FROM TERRESTRIS DEVELOPMENT COMPANY (STAPES SUBDIVISION PHASE I WINDEMERE) ; AND IRREVOCABLE LETTER OF CREDIT NO. 60004314 FROM AMERICAN NATIONAL BANK IN THE AMOUNT OF $26,895.00 EXPIRING OCTOBER 1, 1990 GUARAN- TEEING THE MAINTENANCE OF PUBLIC IMPROVEMENTS FOR STAPES SUB- DIVISION PHASE I (WINDEMERE) WHEREAS, the Developer (Terrestris Development Company) has requested the release of an Irrevocable Letter of Credit No. 191-802659 from Irving Federal Savings and Loan in the amount of $110,000.00; and WHEREAS, the Developer has submitted a Deed of Conveyance/Bill of Sale and an Irrevocable Letter of Credit No. 60004314 in the amount of $26,895.00, expiring October 1, 1990, to the Village of Elk Grove Village as required by the Subdivision Control Ordinance and fully completed with all provisions of any and all Ordinances pertaining; and WHEREAS, the Developer has satisfactorily submitted all necessary items as required by the Village and has submitted As-Built Engineering Plans. NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: SECTION 1: That the President and Board of Trustees do hereby authorize the release of an Irrevocable Letter of Credit No. 191-802659, which expired May 1, 1988, from Irving Federal Savings and Loan adopted by Resolution No. 20-88 in the amount of $110,000.00. SECTION 2: That the Village of Elk Grove Village does hereby accept a Deed of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. 60004314 from American National Bank, Chicago, Illinois in the amount of $26,895.00 expiring October 1, 1990, guaranteeing the maintenance of public improvements as described on the "As-Built" Engineering Plans with revisions dated July 2, 1985, prepared by Henderson and Bodwell for Stapes Subdivison Phase I (Windemere Subdivision). Section 3: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 25th day of October 1988. APPROVED this 25th day of October 1988. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk AmericmNa6onal1P%qnk and Trust Company of Chicag 33 NORTH LA SALLE STREET.CHICAGO, ILLINOIS 60690 TELEX NUMBER 2-5229 CABLE ADDRESS ANBATCO TELEPHONE 312-661-5931 IRREVOCABLE STAND—BY DOCUMENTARY CREDIT MAIL CREDIT NUMBER: —60004314 EXPIRY** OCTOBER It 19901 IN CHICAGO AT OUR COUNTERS* OCTOBER 121 1988 APPLICANT BENEFICIARY --------- ----------- PCETP INC. D/B/A TERRESTRIS VILLAGE OF ELK GROVE VILLAGE DEVELOPMENT CO, 901 WELLINGTON AVENUE 2211 YORK RD. t SUITE 311 ELK GROVEY IL 60007 OAKBROOKY IL 60521 AMOUNT USD 26PS95,00 (US DOLLARS TWENTY SIX THOUSAND EIGHT HUNDRED NINETY FIVE AND N01100) * CREDIT AVAILABLE WITH AND FREELY NEGOTIABLE BY AMERICAN NATIONAL BANK A TRUST BY PAYMENT AGAINST PRESENTATION OF THE DOCUMENTS DETAILED HEREIN AND OF YOUR DRAFTS AT SIGHT DRAWN ON US. REQUIRED DOCUMENTATION* WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF PCETY INC. D/B/A TERRESTRIS DEVELOPMENT CO . r HEREAFTER CALLED THE 'DEVELOPER' p IN THE AGGREGATE AMOUNT OF $26PS95.00v U.S. CURRENCYP AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT AND MARKED 'DRAWN UNDER AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO LETTER OF CREDIT NO, 60004314 BATED OCTOBER 12t 1988. THIS LETTER OF CREDIT IS TO GUARANTEE THE MAINTENANCE OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: STAPES SUBDIVISION DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED JULY 21 19869 PREPARED BY HENDERSON AND BODWELLY AND AGREEMENTS ( INCLUDING ANY AMENDMENTS THEREOF) ON THE STAPES SUBDIVISION PHASE I . MONIES MAY BE DRAWN ON SIGHT BY THE VILLAGE OF ELK GROVE WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT : (CONTINUED) PAGE 1 At ORIGINAL American NationalBank and Trust Company of Chicag 33 NORTH LA SALLE STREET,CHICAGO, ILLINOIS 60690 TELEX NUMBER 2-5229 CABLE ADDRESS ANBATCO TELEPHONE 312-661-5931 IRREVOCABLE STAND—BY DOCUMENTARY CREDIT CREDIT NUMBERt 60004314 A SIGNED STATEMENT BY THE VILLAGE MANAGER OR ANY OTHER DULY AUTHORIZED OFFICIALY AND SIGNED AS SUCHP OF THE VILLAGE OF ELK GROVE VILLAGE CERTIFYING THAT: 'ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY MAINTAINED WITH RESPECT TO STAPES SUBDIVISION PHASE IP AND AS REQUIRED UNDER THE MUNICIPAL CODE OF THE VILLAGE OF ELK GROVE AND AS SPECIFIED ON THE ENGINEERING DRAWINGS* * OTHER TERMS/INSTRUCTIONS** IFv WITHIN THIRTY (30) DAYS OF THE DATE OF ANY DEMAND (MADE IN CONFORMITY WITH THIS IRREVOCABLE LETTER OF CREDIT) PRESENTEDY WE FAIL TO HONOR SAMEP WE AGREE TO PAY ALL ATTORNEY FEESP COURT COSTS AND OTHER REASONABLE EXPENSES INCURRED BY THE VILLAGE OF ELK GROVE VILLAGE IN ENFORCING THE TERMS OF THIS IRREVOCABLE LETTER OF CREDIT . THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON THE REVERSE SIDE OF THIS ORIGINAL IRREVOCABLE LETTER OF CREDIT BY US* THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF THE DEVELOPER TO PROPERLY MAINTAIN ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELK GROVE VILLAGE . IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED FOR ONE YEAR FROM THE PRESENT EXPIRATION DATE HEREOF UNLESS NINETY (90) DAYS PRIOR TO SUCH EXPIRATION DATE WE SHALL NOTIFY THE VILLAGE MANAGER IN WRITINGo CERTIFIED MAILY RETURN RECEIPT REQUESTEDY THAT WE ELECT NOT TO RENEW THIS IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL ONE ( 1 ) YEAR PERIOD. THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE %UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS' v THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400P MOST RECENT REVISION" P EXCEPT AS HEREIN ABOVE MODIFIED. WE HEREBY AGREE WITH THE DRAWERS OF DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THEY SHALL BE HONORED ON PRESENTATION . WE HEREBY ISSUE THIS CREDIT IN YOUR FAVORi SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS AND THE RELATED ICC PUBLICATION CURRENTLY IN EFFECT. THE NAME OF OUR BANKY AS WELL AS THE NUMBER AND DATE OF THIS CREDIT MUST APPEAR ON ALL DRAFTS PRESENTED UNDER ITS TERMS . INSTRUCTIONS TO ADVISING BANK: A N NATIONAL BANK AND TRUST CO, OF CHIC AGO --------------------- AUTHORIZED SIGNANUNAL AUTHORIZED SIGNATURE FDEED_0F CONVEYANCE/BILL OF SALEI C,9.0; ;9 1/4 A I)i 4c, �OKNOW ALL MEN BY THESE PRESENTS, that TERRESTRIS DEVELOPMENT COMPANY (the "Developer") , located at 900 Commerce Drive , Oak Brook, Illinois 60521 an Illinois (corporation, authorized to do business in the State of Illinois, for and in consideration of the sum of One Dollar ($1 .00) and other good and valuable consideration in hand paid, the receipt and sufficiency of which are hereby acknowledged, does hereby Grant, Sell, Transfer Over, Convey and Deliver unto the Village of Elk Grove Village (the "Viilage") , Cook and DuPage Counties, Illinois, a municipal corpor- ation, to and for its own use forever the following: UNDERGROUND IMPROVEMENTS r7 I Al Watermain and Appurtenances FX7 Sanitary Sewer and Appurtenances r_VT LAJ Storm Sewer and Appurtenances rVT I Al Lift Station and Force Main F1 Other SURFACE IMPROVEMENTS r_V1 I Al Roadways (Curb & Gutter/Pavement) (Street Names) rVT LAJ Sidewalks r_VT I Al Parkway Trees r_7 1-21 Traffic Control/Street Signs r-7 I Al Storm Water Retention/Detention Basins Other cont'd. . . -2- located in the Project known as Stapes Subdivision (the "Project") as described on the "as-built" engineering plans prepared by Henderson and Bodwell located at 124 W. Diversey, Elmhurst, Illinois 60126 and dated 1/22/88 which plans with "Bill of Materials" are incorporated by reference and made a part hereof. WHEREAS, the Developer does hereby warrant to the Village, it is the lawful owner of and has good and marketable title to the aforedescribed improve- ments; that the same are free from all encumberances; that the Developer has the right to Sell the same; and that the Developer warrants and will defend and hold harmless the Village against the lawful claims and demands of all persons with respect to the title hereby conveyed; and that the execution of this Bill of Sale/Deed of Conveyance is an authorized Act of Said Corporation, Individual or Partnership. IN WITNESS WHEREOF, the -V411age- has caused this instrument to be signed 19 and delivered this day of J CORPORATE SEAL 2 (NAME) (`bATEY L (TITLE) ATTEST: NOTARY SEAL (NAME) (DATE) J I)EVELOPER(S)/OWNER(S) 4 (DATEJ �VILLAGE INSPECTOR M(NAME)- (DkTE) -3- *00*84WM VILLLAGE ENGINEER: CERTIFICATION All work required for this development has been inspected and found to be completed in a satisfactory manner. All documentation for acceptance has been submitted and found to be acceptable. (DATE) APPROVAL AND ACCEPTANCE OF GOVERNING AUTHORITY The VILLAGE OF ELK GROVE VILLAGE does hereby approve and accept for maintenance and operation the above described improvement. It is understood that the guarantee period of 24 months shall commence as of the date of Village Board acceptance. It is also understood that this approval and acceptance covers only the specific. work. indicated above and is subject to a final punch list being made concerning adjustment, alignment and necessary repairs of all structures, boxes, hydrants, act. Acceptance of maintenance by the Village does not relieve the developer from the responsibility of keeping all dirt and debris due to cons- truction operations out of both storm and sanitary sewer systems. Final accept- ance of the subdivision or other general development is conditional upon com- pleting all indicated items on the final punch list. It is the responsibility of the owner or developer to request the final punch list to be made. No re- fund of maintenance escrow monies will be made until all items in the final punch list have been corrected. VILLAGE OF ELK GROVE VILLAGE BY: (DATE)